A new free structure for XRP through the amendment of the XRP ledger which is currently in development. The primary aim of the process is to implement a complete review of the fee structure that is used in the network.
That is to modify the current way that fees are being computed by transforming them from “fee units” to XRP drops.
In November 2021 the same amendment was proposed, it respectfully addresses some issues but some area was left out. These areas still affect fee units to implement backward compatibility.
The recent amendment is directed towards updating the areas that were not affected the last time, which are still using “fee unit” in the network.
Some of these places that the amendment is targeted towards are:
- FeeSettings ledger entry types: the effect of the amendment is that it will change BaseFee, ReserveBase, ReferenceFeeUnits, and ReserveIncreament. They will however be replaced with, BaseFeeDrops, ReserveBaseDrops, and ReserveIncreamentDrops.
- Fee Voting Protocol: This Is a kind of Protocol that allow voting of changes in the amount of fees that the network should implement as charges in each transaction by Validators.
The current means of transaction that the network is using now is “fee unit” After the amendment it will be changed to XRP Drops.
To explain this, a drop of XRP is the smallest unit of the XRP token. However, there are 1 Million drops in one XRP. The network uses this drop to compute fees, and the participants in the market prefer it because they believe that it is more comfortable to use it.
XRPL Fees Remain the Same
The information from the XRPL website indicates that the website has not yet been implemented as of the time the News was released.
Note, the amendment does not affect the fees or the amount charged for transactions on the XRP network, the aim is to introduce a new free structure that will ease the calculation of the fees.
In a report by the XRP community, a member suggested the increase of the fees, adding that they are too cheap, this idea was debunked by a majority in a suggestion poll launched by the community member.
Read Also: Five Major Wins For Ripples This Weekend
Ripple’s CTO David Schwartz supported the increase, but disclaim the idea as a means for XRP’s price. He however suggested that transactions should be made to reflect the cost they impose on the network, adding that the current price is a subsidized price.
Follow us on Twitter, Facebook, Telegram, and Google News